GCC

Abu Dhabi National Oil Co’s $850m flotation of its petrol station chain Adnoc Distribution has been greeted warmly by the market, setting a good precedent for an expected wave of privatisations in the Middle East. Sam Kerr reports.

Saudi Arabian Mining Co or Ma’aden, Saudi’s largest mining company, has amended a revolving credit facility that was due to mature at the end of the month.

Shares in Adnoc Distribution, the chain of petrol stations and shops in the United Arab Emirates that has floated on the Abu Dhabi Securities Exchange, traded up 6% on their first day today, boding well for future Gulf privatisations.

Qatar’s banks have been turning to collateralised borrowing to boost liquidity after being all but shut out of the public debt markets since June, and the deals are proving mutually beneficial to both lender and borrower, with international banks able to continue to show support for Qatar.

One of the last big IPOs of 2017 reached a successful conclusion this week, crowning a solid year for issuance in the EMEA region.

Warba Bank has successfully made its debut in the international loan market with an oversubscribed $400m syndicated facility provided by 16 banks.

Dubai’s GEMS Education has concluded its early bird syndication phase on a $1.25bn loan, with 10 banks on board.

Abu Dhabi National Oil Co attracted good international participation to the $850m IPO of Adnoc Distribution, its chain of petrol stations and shops in the United Arab Emirates, which was priced on Friday.

Abu Dhabi National Energy Co, known as Taqa, has invited banks to join a $1.25bn syndicated loan, which it plans as a bridge to a bond issue.

Abu Dhabi National Oil Co, the Abu Dhabi state-owned oil company, is set to price the initial public offering of its distribution arm on Friday, in a deal worth Dh3.125bn ($851m), after revising guidance to the lower half of the range.

Citigroup has hired Majed Al-Hassoun to spearhead the relaunch of its investment banking effort in Saudi Arabia.

Debut sukuk issuer Emirates Reit on Wednesday priced a larger than expected deal of $400m after books reached nearly $1bn.